GFG Alliance and Liberty Steel's restructuring and transformation committee has announced its plans to restructure the group's steel businesses, the company said on Monday June 28.
"The developments [will] help to pave the way for a refinancing which will enable GFG [Alliance] to pay back creditors following the collapse of its main lender, Greensill Capital," the company said. "This in turn will allow GFG [Alliance] to refocus its business, protect jobs and develop further its remaining assets.""In its reformed state, Liberty will be focused on core business units, including InfraBuild and Liberty Primary Metals Australia [LPMA] in Australia, and the Liberty Ostrava and Liberty Galati steelworks in Europe," GFG Alliance said. "The plan also incorporates a restructured and refocused UK business as well...